Global PV investment to surpass $500 billion in 2024
- Admin
- Aug 6, 2024
- 1 min read
The International Energy Agency (IEA) projects that global investment in solar photovoltaics will exceed $500 billion in 2024, surpassing the combined investment in all other electricity generation sources. Total energy spending, including fuels and infrastructure, will exceed $3 trillion for the first time this year, with $2 trillion directed towards clean energy technologies. Investment in renewable electricity generation is expected to reach around $770 billion. The drop in solar panel prices has slowed the dollar increase in solar investment despite rapid capacity growth. Fossil fuel generation investments are projected to reach $80 billion for new generation facilities, with significant decreases in coal and gas investments compared to 2023 levels. Wind investment is expected to reach $200 billion, nuclear $80 billion, and battery storage $50 billion. Private household investment in energy has doubled from 9% to 18% driven by rooftop solar, building efficiency, and electric vehicles. Falling hardware prices have offset increased capital costs, leading to improved profitability for renewable projects.
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